If you’re reading this, chances are that you’ve heard about Bitcoin, Ether or another cryptocurrency and want to get on board. Good news: cryptocurrencies are indeed the future of trading. The world is changing very fast right now, new technologies such as blockchain and IoT (internet-of-things) are emerging and disrupting existing business models, which means there’s never been a better time to be involved in trading.
Here’s why you should start exploring now:
You see those green candles on the graphs, Those represent legitimate gains for traders who got in early. You can apply what you learn to other assets and sectors as well You could turn $10 into thousands by just trading one currency pair Your children will think of you as tech-savvy and cool As a beginner, you have the opportunity to get in at ground level and avoid paying fees for being an early adopter You can’t afford NOT to be involved. You should learn about different things like how to buy XRP in USA or How to Buy Dogecoin in the UK for better returns.
learn about cryptocurrency trading
If you need more convincing, check out this astonishing graph showing how much one Bitcoin was worth in 2010-2011. Cryptocurrency has taken off in recent years thanks to a surge of interest from all kinds of people coming into the market with different backgrounds and goals.
Traders have been making steady gains simply by purchasing coins at lower prices and leaving them be for months or even years until their value increases enough to sell them off for a healthy profit. With how rapidly cryptocurrencies are increasing in price, there’s never been a better time to learn about cryptocurrency trading !
A lot of first-time traders get intimidated when they first try to navigate around cryptocurrency exchanges because they’re usually very different to regular fiat currency trading platforms. Crypto is completely different in terms of its exchange rates, how it’s traded and the fact that you’ll need to choose a secure wallet to store your coins in.
The thing is, once you get past all of these steps and get set up on an exchange platform , it becomes easy as pie! You’ll have full control over your portfolio so there’s no need to worry about someone being able to take your money away from you without permission – this just doesn’t happen with cryptocurrency, don’t let it scare you off!
Different types of cryptocurrency traders
There are typically two types of people who trade cryptocurrencies: long-term investors and short-term day or swing traders . Both of these types of traders can make money but it’s important to realise that they have different goals and strategies.
Long-term Traders
Long-term investors are looking for coins that will appreciate gradually over time, allowing them to sell their coins at a higher price later down the track when they’ve significantly increased in value. This is not something you could do purely by investing in stocks because cryptocurrencies tend to increase in value very rapidly and then stabilise just as quickly which makes them an excellent choice for people who wish to invest long term.
Short Term Traders
Short-term day or swing traders, on the other hand, prefer making moves based on short-term rises and falls in coin prices rather than waiting around for one currency pair to ‘moon’ (increase tenfold).
Why is day trading cryptocurrency so risky?
Day trading cryptocurrency involves significant risks which need to be considered before making any moves. Anyone who has ever tried their hand at day trading cryptocurrencies will tell you that it’s probably one of the most volatile markets out there! You can buy your chosen coin when it’s priced low and sell it when it’s valued high only an hour later, but what happens if the price suddenly plummets by 20%? That leaves you with quite a loss on your hands so being able to manage these sorts of upsets are vital for anyone wanting to do well in this market.
Who is it suitable for Crypto Trading
Cryptocurrency day trading can be suited to anyone who has some experience with online trading platforms and knows how to read charts . It’s also important to realise that this type of trading requires a lot of time and patience (and even more luck!) because you may end up investing your money into something that suddenly decreases in value.
This is why traders need to be able to set clear goals. If you’re considering starting with cryptocurrency day trading but feel like you don’t know enough yet, consider starting off by reading articles about the basics of trading and checking out educational material online.
Conclusion:
All in all, everyone has different goals when it comes to trading cryptocurrencies . Some people use trading as a sort of hobby and others see it as an alternative form of income (or both!). No matter what you end up deciding, don’t let anyone pressure or intimidate you into making the wrong choice.
